SinglePoint Invests in WeedCoin Cryptocurrency
August 10th, 2017
News, Top News
Cryptocurrencies have become increasingly popular over the past several years. Since its launch in 2009, Bitcoin has amassed a market capitalization of more than $54 billion. Hundreds of other cryptocurrencies followed in its footsteps with several others surpassing the $1 billion mark when it comes to market capitalization. Many of these currencies are leveraging newer blockchain technologies or targeting unique end markets to achieve growth.
In this article, we will look at SinglePoint Inc.’s (OTC Pink: SING) purchase of WeedCoin from First Bitcoin Capital Inc. (OTC Pink: BITCF) and the emerging role cryptocurrencies are playing within the burgeoning cannabis industry.
What is WeedCoin?
First Bitcoin Capital launched WeedCoin earlier this year to provide a new cryptocurrency for the cannabis industry. As a Schedule I Controlled Substance, many cannabis companies have experienced difficulty processing consumer transactions with conventional financial services. WeedCoin aims to become an alternative payment option for cannabis consumers looking to buy from a dispensary or dispensaries looking to buy from cultivators.
WeedCoin joins CannabisCoin and PotCoin in the rush to bring cryptocurrencies to the cannabis industry. Since its recent ICO launch, WeedCoint has achieved a market capitalization of $60 million, although it remains relatively illiquid. The cryptocurrency is also listed on three exchanges, which could generate greater levels of interest and better compete with CannabisCoin, PotCoin, and future competitors.
The cryptocurrency hopes to step in where PotCoin failed after its initial debut back in 2014. PotCoin was supposed to allow consumers to buy or sell marijuana anonymously without cash, with at least one dispensary installing an ATM linked to the cryptocurrency. But, the cryptocurrency failed to amass a serious following and was eventually taken over by PotWallet – a PayPal-like company that aimed to make it more practical.
Those interested in purchasing WeedCoin can do so through three different exchanges:
Long Term Strategy
SinglePoint plans to take a consumer first approach in marketing WeedCoin to the cannabis industry. The biggest barrier to entry in using cryptocurrencies has been getting consumers to setup a wallet, which is a time-consuming process that involves some technical know-how. SinglePoint and First Bitcoin plan to invest heavily in getting consumers to sign-up first, making sure they have the ability to quickly go in and make a purchase from a dispensary.
In addition to payments, SinglePoint plans to leverage its expertise to let companies build loyalty programs, present special offers, and track what kinds of products people are buying. These insights could help dispensaries dramatically increase revenue and profitability, while promoting WeedCoin as a viable alternative to cash payment. Users could find the experience much like Starbucks’ popular mobile payment system that requires little effort.
The combination of a consumer first approach and a business focused program could help WeedCoin effectively compete where other cryptocurrencies have failed. By signing on consumers, dispensaries will be incentivized to adopt the payment method. The rewards program and other features offered by dispensaries could further encourage consumer sign-ups – creating a virtuous cycle of growth.
SinglePoint Inc. (OTC Pink: SING) represents a compelling investment opportunity within the burgeoning cannabis industry. With its purchase of WeedCoin, the company is well-positioned to capitalize on the growing demand for cryptocurrency solutions within the industry. These cryptocurrencies could play an enormous role given that federal laws restrict access to conventional financial services, such as credit cards.
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